Rock Island daily Argus. (Rock Island, Ill.) 1886-1893, 1887-02-03

ENOUGH TO GO ROUND.
SENATORS CONSIDER THE NATIONAL
INCOME AND ouTGO.

Allison's Figures Seem to Indicate That
the Country Is safe-Putting In Pleas
for Guns and Forts-Two Views OF a
Possible Fight-An Extra Session Loom
ing-AlIen's ObIiging Constituents
WASHINGTON CITY, Feb. 3.--The question
whether there will be a surplus next year or
whether the appropriations will absorb the
income of the government was pretty thor
oughly gone over in the senate Wednesday.
Allison, referring 10 a partial statement on
the subject which he made Tuesday, said he
desired to more fully consider the matter.
He said the regular estimates Of the depart
ments, as submitted by the secretary of the
treasury, amounted, in round numbers, to
1916, 600, 600 Since that time there had been
supplementary and other estimates amount
ing to a considerable sum. For example
there was an estimate of nearly 5000, 900 to
carry out the provisions of the Mexican PEN
sion bill. No estimate had been as yet sub
mitted as to the disabilities pension bill,
which both houses had passed but which had
not yet received the signature of the presi-
dent 1t was safe to assume, however, that
81, COX, 900 or 100000 would be required
for that purpose. Then there had been al
ready submitted estimates for deficiencies
amounting to 81 100000 more. So that the
total Of the estimates for the next fiscal year.
without including miscellaneous appropria-
tions, amounted to $50, 0o0, 900 He thought
it safe to assume, however, that congress
would not appropriate fully up to the esti-
| mates.
These figures included s., 090, 900 for coast
defenses and about So, 900 900 for new navy
also the amount provided by law to be set
| aside as a sinking fund.
Piatt said s5,0O0,0nD was practically moth
ing for coast defenseS, and Ilison proceeded
| then to give the probable revenue. The re-
ceipts for the year ended June 80, 1895, were
1896, 900 900; add ng the postal revenue raised
this to $3.50, 000,0O. Assuming the postal
receipts for this year at So, O0N 900 1.-THE post
| master generals estimated the total receipts
would be 1876 000, 900. The only addition to
these receipts must come from the customs
Allison proceeded as follows: THE total re-
ceipts of revenue for the first half of this
| fiscal year amount to $780, eO0, 900, SO that if
| that rate continues we will have total reve-
nue. of SSH, 00O, 900 for this current year az
| compared with 1885,, 00) 0OJ for the last fiscal
| year. In these estimates for the current
year do not include postal receipts, so that
We will have $780,, 01o.000 of receipts and an
expenditure of SS95 ,0J1, 900 Add the esti-
mated postal revenue and the receipts will be
| $4l0,0 900. This will make the surplus SIS
| 100000 If we comply with the law in rela-
ton to the sinking fund then we are com.
| PEELED to buy bonds in the open market, either
A. or per cent, bonds or the currency 6,
issued to the Pacific railroads"
| Upon being asked if it was not Imperative
that we buy bonds for the sinking fund ALI
son said; In my Judgment the government
is not bound by law, or in good faith to the
| bondholders, to purchase at a premium bonds
| that are not yet due. The sinking fund
| projected for the benefit Of the bondholders
is more than $500 0o0.nO in advance Of the
general requirements of the sinking fund
| law. While | admit that the letter of tn,
law requires the setting apart of per cent
Of the totals1ebt each year, still that is a re-
quirement which can he set aside by law il
good faith. 1t is question whether or moi
the promoters of that law intended that the
government should 50 into thu open market
and pay premium Of . per cent for it
/ DOhuo IA biNOi " NoIitl1 VIVA tA2AS fNhN -
| ionn
Upon being asked by ingalls, why it wa:
that the sinking fund was so much in excess
of the amount required, Allison said the Law
| required mo less" than per cent Of the
debt to be set apart for that fund, but that
| the law did not provide for mo more thar
! per cent, and it had been the practice o
the treasury to put into the fund an amour
| largely in excess of that per cent Becl
| added the additional reason that congress ha(
passed an additional law authorizing tn,
treasury to purchase bonds for the fund with
any surplus revenue it might hold.
Platt said be gathered from the statement.
made that the surplus revenue for the mex
fiscal year would not exceed So, 900, 900, anC
added: II do not want this congress to al
| journ until it has provided, in some way
that sum equal, or nearly equal, to $50,
000,Op0 shall be Immediately available Il
commence a system Of coast defenses
think that congress will be negligent of il.
duty will be Justly and severely criticise,
by the people: will hav forgotten the bes
| interests of the country. if It shall ad jour
without having made such a provision; an,
|, for one, want to he counted as an oppC
nent of any scheme that viii reduce the rev.
| enues of this government 10 a point wher
there will not bs plenty Of money to inau
| gurate and carry on most vigorously thor
| ough system of coast defenSeS